Stronger asset showing, acquisitions boost Mapletree Logistics' Q1

STRONGER asset performance and new acquisitions gave a fillip to results for industrial landlord Mapletree Logistics Trust (MLT) in its first quarter.

Distribution per unit edged up to 1.887 Singapore cents from 1.85 Singapore cents in the year-ago period, the group said in a Singapore Exchange filing on Monday evening.

That came as Q1 income available for distribution expanded 2.5 per cent to S$47.2 million from the previous year.

For the three months ended June 30, gross revenue grew 7 per cent to S$95.8 million from the previous year. Net property income grew 7.5 per cent to S$80.8 million from the year-ago period.

Its properties include logistics assets in countries such as Australia, China and Singapore.

The growth in gross revenue was due partly to higher revenue from existing properties in Singapore and Hong Kong, four acquisitions in Australia, Malaysia and Vietnam completed during FY17, as well as higher translated revenue from the stronger Hong Kong dollar, Australian dollar and Korean won, it said.

MLT units finished S$0.01 or 0.8 per cent higher at S$1.22 on Monday.